Jeonbuk Bank launches South Korea’s first Bitcoin-backed loans for corporate clients
Jeonbuk Bank has launched corporate won loans in South Korea backed solely by Bitcoin, with custody assigned to a qualified virtual asset service provider. The move is described as the country’s first Bitcoin-backed loan product for corporate clients.
What this rests on
What it means
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Corporate borrowers in South Korea now have a loan product they can see tomorrow morning that accepts Bitcoin as the only collateral. That changes the set of assets the bank will recognize in this lending channel, and it places custody with a qualified virtual asset service provider.
Before this launch, the described corporate loan structure was not in place, and now Jeonbuk Bank is offering Bitcoin-backed won loans to corporate clients. What stays the same is that the loans are still won loans and still meant for corporate customers, even though the collateral format is different.
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